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Money News

Adani's surprise bid sparks new auction for India's DHFL - Mint

A woman walks past a signboard of Dewan Housing Finance Corporation Ltd. (DHFL) outside its office on the outskirts of Mumbai, India, January 31, 2019. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Dewan Housing Finance Corp's DWNH.NS lenders are likely to seek fresh bids for the company's assets as early as Tuesday after Adani group unexpectedly offered a higher price, Mint newspaper reported on Tuesday, citing two people with knowledge of the matter.

Four entities - Adani group, Piramal Group, U.S.-based asset management company Oaktree Capital Management and SC Lowy - submitted bids for DHFL in October, according to Business Standard.

The sale process took a turn when Adani decided to bid 2.5 billion rupees ($33.63 million) more than Oaktree for the assets of DHFL after the deadline for submitting revised bids ended on Nov. 9, Mint reported, citing sources.

DHFL, which was once one of India’s top “shadow” lenders, accumulated total debts of almost 1 trillion rupees and then failed to honour dues to its creditors.

Adani Enterprises and DHFL did not immediately respond to Reuters’ requests for comment.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D’Silva

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